On May 5th, Townray Hldgs (01692) announced that Chen Bingyan had previously informed the board of directors that he would not seek re-election due to his decision to devote more time to his other personal or business commitments, and would retire as an independent non-executive director at the end of the shareholders' annual meeting. After the end of the shareholders' annual meeting, Chen Bingyan has retired as an independent non-executive director.

After retiring as an independent non-executive director, Chen Bingyan no longer serves as the chairman of the Audit Committee, nor as a member of the Remuneration Committee and Nomination Committee.

After Chen Bingyan stepped down as chairman of the Audit Committee, the Board of Directors resolved to appoint independent non-executive director Chen Deyi as the new chairman of the Audit Committee, effective immediately.